Prior to the actual passage of the “Tax Cuts and Jobs Act” (TCJA) on December 22 2017, there were some high expectations that the disparity in the US estate tax exemption for US and non-US persons would be eliminated, or that the US estate tax itself would be repealed. Unfortunately, neither of these hoped-for events … Continue reading Foreign Individuals: US Estate Tax Reform Passed You By (Part I)
Bloomberg reports that next year, the US may be put on the Organization for Economic Cooperation and Development’s (OECD) “blacklist” of tax haven countries alongside such notables as Guam and Trinidad and Tobago. The move comes as numerous countries continue to question the United States’ adamant refusal to participate in the international information exchange program, … Continue reading Happy New Year – US to be Blacklisted as a Tax Haven?
I was hoping that tax reform would have done away with, or at least modified, the troublesome provisions surrounding the PFIC or so-called “Passive Foreign Investment Company”. This was not to be and it prompted me to review the PFIC rules and count the ways they cause trouble! What is a PFIC? A PFIC is … Continue reading PFICs – The Fairytale Definition That Lives Happily Ever After…
Not surprisingly over 1,000 individuals expatriated (gave up US citizenship or long term residency) in the third quarter of 2018. This is according to the most recent “Name and Shame” list published by the US Treasury in the Federal Register on November 19, 2018. Most likely the real number is higher, as the accuracy of … Continue reading Gifting Your Way to Freedom – How TCJA Can Help You Expatriate
A US citizen or US tax resident (for example, a green card holder) who is married to a non-American when the couple lives abroad should consider certain US tax filing issues and strategies. US Tax Treatment of the Non-US Spouse When the non-US citizen spouse has obtained a green card or is otherwise treated as a … Continue reading Married to A Non-US Spouse? Tax Saving Tips For the US Income Tax Return
Copied below is my blog piece originally posted on AngloInfo "Let's Talk About US Tax" posted on April 4, 2018 by Virginia La Torre Jeker J.D., Most readers have some familiarity by now with new Internal Revenue Code Section 965 and the “deemed repatriation” or “transition tax” introduced by the Tax Cuts and Jobs Act (“TCJA”). Introductory detail about this new … Continue reading Calculating the Transition Tax: Just Like Dental Work – Painful in More Ways Than One
My readers know that broad US tax reform was enacted in December under the commonly called Tax Cuts and Jobs Act (“TCJA”). Today’s post is a reminder of how the new tax rules will impact any US spouse who will be either paying or receiving alimony. The clock is ticking and action must be taken … Continue reading Reminder – If You Hate Your Spouse As Much as You Hate Paying Taxes …
I have blogged extensively about the US tax problems faced by Americans living and working overseas (for example, see my posts here, here and here). There is a possibility that the US Congress may introduce, debate and vote upon a bill that may ease the US tax burdens placed on such overseas Americans. A bill … Continue reading Americans Abroad – May Legislative Relief Be Forthcoming?
Looks to me like the Internal Revenue Service (IRS) is doing the “shuffle”! The draft Form 1040 for 2018 certainly looks shorter, but closer inspection shows the IRS is merely shuffling the workload onto Schedules. Right now, the IRS is very busy keeping pace with the changes wrought by the Tax Cuts & Jobs Act … Continue reading Form 1040: Similar to a Postcard, But …With (LONG) Letters Attached